Sec. 113.153. OWNERSHIP OF TRUST ACCOUNT ON DEATH OF TRUSTEE. (a) If the account is a trust account and there is a written agreement signed by the trustee or trustees, on death of the trustee or the survivor of two or more trustees, any sums remaining on deposit belong to:
(1) the person or persons named as beneficiaries, if surviving; or
(2) the survivor of the persons named as beneficiaries if one or more beneficiaries die before the trustee.
(b) If two or more beneficiaries survive, no right of survivorship exists between the surviving beneficiaries unless the terms of the account or deposit agreement expressly provide for survivorship between those beneficiaries.
Added by Acts 2009, 81st Leg., R.S., Ch. 680, Sec. 1, eff. January 1, 2014.
Structure Texas Statutes
Title 2 - Estates of Decedents; Durable Powers of Attorney
Subtitle C - Passage of Title and Distribution of Decedents' Property in General
Chapter 113 - Multiple-Party Accounts
Subchapter D. Rights of Survivorship in Accounts
Section 113.152. Ownership of P
Section 113.153. Ownership of Trust Account on Death of Trustee
Section 113.154. Ownership of Convenience Account on Death of Party
Section 113.155. Effect of Death of Party on Certain Accounts Without Rights of Survivorship
Section 113.156. Applicability of Certain Provisions on Death of Party
Section 113.157. Written Notice to Financial Institutions Regarding Form of Account
Section 113.158. Nontestamentary Nature of Certain Transfers